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Jordan Perch

Jordan Perch Chief blogger

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Specifics About Boat Insurance

There are various types of insurance available for boaters. What most boat insurance policies cover is bodily injury liability, property damage liability and physical damage.

Bodily injury liability coverage refers to medical bills expenses for threating injuries to other people that have occurred in an accident you have caused while operating your boat.

Property damage liability refers to damages you inflicted to other property that you caused with your boat. Other property can include another boat, a dock or any other structure you might have a collision with.

Physical damage covers damages that your boat may suffer. It can be damaged by wind or rain, fire, as a result of a collision with a dock, and this coverage mostly refers to damages occurred while the boat is in the water, so you should ask additional coverage if you want the boat to be insured while on land or while it is being transported.

There are three ways for you to get paid for these damages: agreed value, actual cash value or replacement cost.

An agreed value settlement means that the amount you will receive has already been agreed upon when the policy was purchased.

Actual cash value will pay the current market value of your boat, but with depreciation and the overall condition of the boat at the time of the accident taken into consideration.

Replacement cost is a coverage that will replace your boat with a new boat of the same type.

Other additional coverages that might want to purchase include medical payment coverage and uninsured boat coverage. Medical coverage pays for ambulance and hospital costs in case you or anyone else on your boat gets injured. Uninsured boat coverage refers to injuries that are caused to you by another boater who doesn't have boat insurance.

In terms of what an average boat insurance policy costs, it's around $400, but it depends on the boat's size and age.

Jordan Perch is an active promoter of the new developments in the automotive industry. He is an author of many how-to articles related to safe driving, buying/selling vehicles, auto insurance etc. He is currently managing the blog of the resourceful DMV.com.

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